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This is a Letter From Nicusa Capital Urging BioClinica Shareholders to Vote AGAINST Proxy Proposal 2 and WITHHOLD Votes From Incumbent Directors Berg, Olukotun, Parker and Weinstein on 2011 Proxy
Date:5/4/2011

ased at a compound annual growth rate of 12%.  Mr. Weinstein is now paid more than twice as much as he was just 8 years ago, despite the fact that BioClinica shareholders have lost money in the interim. When will shareholder returns become important in this equation, and Mr. Weinstein's compensation reflect the Company's performance?  After all, his primary job is to generate returns for shareholders.

In 2010, BioClinica's stock eked out a small gain of 5.4%, rising from $4.23 to $4.46.  That is hardly spectacular, but certainly preferable to some recent years.  What was the Compensation Committee's response to this modest bit of success?  If Mr. Weinstein successfully meets his incentive compensation targets, you propose to pay him nearly $1.2 million for 2011, a staggering 72% raise over his 2010 total compensation of $685,800.  This is outrageous.  

As long-term shareholders, we appreciate that strategic initiatives take a number of years to play out, which management compensation must reflect.  However, Mr. Weinstein has destroyed shareholder value over the last seven years and his most recent strategic initiative, the acquisition of PDS, has yet to bear fruit after 30 months.  Please do not misunderstand us.  We have no issue with large pay packages if they are deserved.  In fact, we love to see management teams get paid extremely well when they deliver returns to shareholders.  But in Mr. Weinstein's case, he has failed to do this year in and year out, and that is why we object so strongly to his 2011 pay package.  

The Compensation Committee is responsible for this largesse, which is why we will withhold our votes from Messrs. Berg,  Olukotun and Parker as Directors of BioClinica.  We urge all shareholders to do likewise.

Finally, we must urge shareholders to withhold their vote from Mr. Weinstein as a Director.  The management-friendly corporate govern
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SOURCE Nicusa Capital
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